South Korea and Saudi Arabia strengthen cooperation in the field of AI startups, promoting the establishment of a joint fund

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Deep Tide TechFlow news: On July 16, No Yong-seok, South Korea’s first vice minister of the Ministry of SMEs and Startups, met in Seoul with Saudi Arabia’s Minister of Communications and Information Technology, Sweha. Both sides discussed cooperation among SMEs, venture-backed enterprises, and startups in the fields of artificial intelligence (AI) and digital innovation. In the venture capital sector, both sides shared the operating results of South Korea’s policy venture capital fund—the “Fund of Funds”—and exchanged views on the joint fund currently being prepared by the two countries.

The joint fund will be jointly discussed and set up by South Korea’s venture capital firm (KVIC) and Saudi Arabia’s government investment entity “Riyadh Valley Company (RVC)”. The planned investments will target SMEs, venture-backed enterprises, and startups in deep-tech fields such as AI and semiconductors. Sweha said he hopes both sides will strengthen cooperation and strive to establish the joint fund within the year. (Jin Ten)

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